"It's a great mechanism to move away from traditionally thinking that we have to go and purchase land off someone else," he said.

"You can do anything that you require in your biodiversity offsets by leaving the ownership as it is and giving them the custodianship and the resources to manage that land and so the need to take away and manage properties and go down a trust path is a very exciting day."

Environment Minister Robyn Parker attended a ceremony at the site yesterday which included a traditional Welcome to Country and a trip to the sacred Baiame Cave.

"There is a lot to be learnt from this process, various groups have worked very hard on the process and I think it will be a great benchmark to work from," she said.